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2021-03-31-accounts

Charity Registration No. 1139856

Company Registration No. 07405980 (England and Wales)

PROGRESS EDUCATIONAL TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

PROGRESS EDUCATIONAL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Robin Lovell-Badge - Chair of Trustees
Kerry Dyus
Frances Flinter
Alison McTavish
Allan Pacey
Christine Sivers
Natalie Nicoll
Peter Taylor
Advisory Committee Peter Taylor - Chair of Advisory Committee
Professor Sir Colin Blakemore
James Lawford Davies
Jane Fisher
Dr Kirsty Horsey
Dr Dusko Ilic
Professor Martin Johnson
Stuart Lavery - IVF Consultant
Dr Rachel Montgomery
Professor Vardhman Rakyan
Dr Christine Patch
Fiona Fox
Natasha Neill
Dr Melanie Davies
Dr Andy Greenfield
Professor Gudrun Moore
Daniel Malynn
Patrons Marcus Pembrey
Administrative Director Sarah Norcross
Charity number 1139856
Company number 07405980
Registered office 140 Gray's Inn Road
London
WC1X 8AX
Independent Auditor Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ

PROGRESS EDUCATIONAL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers

Royal Bank of Scotland 28 Cavendish Square London W1M 0DB

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4QJ

Starling Bank 3rd Floor, 2 Finsbury Avenue London EC2M 2PP

PROGRESS EDUCATIONAL TRUST

CONTENTS

Page
Statement of Trustees' responsibilities 1
Independent auditor's report 2 - 5
Statement of financial activities 6
Balance sheet 7
Notes to the accounts 8 - 16
Trustees' report 17 - 28

PROGRESS EDUCATIONAL TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees are responsible for preparing the accounts and the Trustees' Report (on pages 5 to 39) in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources of the charitable company for that year.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROGRESS EDUCATIONAL TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF PROGRESS EDUCATIONAL TRUST

Opinion

We have audited the financial statements of Progress Educational Trust (the ‘charitable company’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

PROGRESS EDUCATIONAL TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PROGRESS EDUCATIONAL TRUST

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities including fraud

Our audit procedures were primarily directed towards testing the accounting systems in operation upon which we have based our assessment of the financial statements for the year ended 31 March 2021

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

PROGRESS EDUCATIONAL TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PROGRESS EDUCATIONAL TRUST

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Audit response to risks identified

Fraud due to management override

Irregularities and non-compliance with laws and regulations

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors of the company.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PROGRESS EDUCATIONAL TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PROGRESS EDUCATIONAL TRUST

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Coleman ACA (Senior Statutory Auditor) for and on behalf of Gerald Edelman LLP

02/12/2021

.........................

Chartered Accountants Statutory Auditor

73 Cornhill London EC3V 3QQ

PROGRESS EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Notes
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Charitable activities
6
Net income for the year/
Net movement in funds
Fund balances at 1 April 2020
Fund balances at 31 March 2021		 Total
2021
£
25,644
213,272
734
239,650
210,939
28,711
251,218
279,929		 Total
2020
£
20,735
206,560
569
227,864
215,562
12,302
238,916
251,218

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

PROGRESS EDUCATIONAL TRUST

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Intangible assets
10
Tangible assets
11
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2021
£
4,112
314,224
318,336
(52,803)		 £
13,281
1,115
14,396
265,533
279,929
279,929
279,929		 2020
£
14,044
262,237
276,281
(47,213)		 £
19,921
2,229
22,150
229,068
251,218
251,218
251,218

The Trustees are responsible for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

02/12/2021 The accounts were approved by the Board of Trustees and authorised for issue on ..................... and signed on their behalf by:

.............................. Robin Lovell-Badge Trustee

Company Registration No. 07405980

PROGRESS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Company information

Progress Educational Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 140 Gray's Inn Road, London, WC1X 8AX.

1.1 Accounting convention

These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The charitable company is a Public Benefit Entity as defined by FRS 102.

The accounts have departed from the charities (Accounts and Reports) regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version which is referred to in the regulations which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

1.2 Going concern

The accounts of the charitable company are prepared on a going concern basis which is dependant on the continued support of major funders. The Trustees have prepared budgets which confirm that sufficient resources will be available in the 12 months from the date of this report to continue activities at their current level.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Grants receivable are accounted for on an accruals basis to the extent that the notification of entitlement has been received and the amount agreed by the grant provider.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

PROGRESS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise when the charitable company has been notified of an impending distribution where the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All resources expended are accounted for on an accruals basis and the irrecoverable element of VAT is included in the expenses to which it relates.

Charitable expenditure relates to those costs incurred directly in achieving the main aims and objectives of the charitable company. Also included are governance costs represented by expenditure involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those incurred with regard to strategic planning, legal and audit fees and meeting its statutory obligations.

1.6 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software 25% Straight line

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers 25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.8 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

PROGRESS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PROGRESS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Leases

Rents payable under operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities in the year in which they are payable.

1.13 Taxation

As a registered charity, the Society is exempt from taxation on its activities which fall within the scope of part 10 ITA 2007 and section 256 of the Taxation of Chargeable Gains Act 1992.

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

2021 2020
£ £
Donations and gifts 25,644 20,735

PROGRESS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

4 Charitable activities

Sales within charitable activities
Sponsorship
Conference and events income
Consultancy income
Advertising income
Other Income
Grant receivable		 2021
£
80,060
3,975
48,518
5,184
1,425
139,162
80,139
213,272		 2020
£
67,638
7,890
40,936
8,802
1,375
126,641
79,919
206,560

5 Investment Income

2021 2020
£ £
Interest receivable 734 569

PROGRESS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

6 Charitable activities

Staff costs
Computer running costs
Office equipment
Insurance
Heat and light
Conference and events (Unrestricted)
Stationery and photocopying
Telephone and internet
Travel and subsistence
Sundry
Bank charges
Rent, rate and service charge
Advertising
Legal and professional
Other charitable expenditure
Support costs including governance
Analysis by fund
Unrestricted funds		 2021
£
157,137
12,060
1,238
765
850
3,829
504
1,713
12
46
512
12,618
1,560
722
8,894
202,460
8,479
210,939
210,939		 2020
£
153,857
8,280
1,697
871
989
15,640
591
1,710
1,733
84
383
12,186
2,926
847
7,754
209,548
6,014
215,562
215,562

7 Support costs

Audit fees
Consutancy		 Support
costs
Governance
costs
£
£
-
5,400
3,079
-
3,079
5,400		 2021
£
5,400
3,079
8,479		 2020 Basis of allocation
£
5,300 Governance
714 Support
6,014

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year. No expenses were refunded to Trustees in the year under review (2020: £Nil).

PROGRESS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

9 Employees

Number of employees

The average monthly number of employees during the year was:

Administration
Employees comprised 2 full time and 4 part time staff.
Employment costs
Wages and salaries
Social security costs
Other pension costs
10
Intangible fixed assets
Cost
At 1 April 2020 and 31 March 2021
Amortisation and impairment
At 1 April 2020
Amortisation charged for the year
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020		 2021
Number
6		 2020
Number
6
2020
£
141,493
9,417
2,947
2021
£
145,228
8,794
3,115
157,137
153,857
Software
£
26,561
6,640
6,640
13,280
13,281
19,921

PROGRESS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

11 Tangible fixed assets
Computers
£
Cost
At 1 April 2020 4,457
At 31 March 2021 4,457
Depreciation and impairment
At 1 April 2020 2,228
Depreciation charged in the year 1,114
At 31 March 2021 3,342
Carrying amount
At 31 March 2021 1,115
At 31 March 2020 2,229
Tangible fixed assets are all used directly for charitable purposes.
12 Financial instruments 2021 2020
£ £
Carrying amount of financial assets
Debt instruments measured at amortised cost 1,249 11,294
Carrying amount of financial liabilities
Measured at amortised cost (45,360) (39,331)
13 Debtors
2021 2020
Amounts falling due within one year: £ £
Trade debtors 1,249 11,294
Prepayments and accrued income 2,863 2,750
4,112 14,044
14 Creditors: amounts falling due within one year
2021 2020
£ £
Other taxation and social security 3,443 3,882
Deferred income 47,360 41,331
Accruals and deferred income 2,000 2,000
52,803 47,213

PROGRESS EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

15 Share capital

The company has no share capital being limited by guarantee. The guarantors will contribute a maximum of £10 in the event of liquidation.

16 Operating lease commitments

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2021
£
9,833
36,000
4,500
50,333		 2020
£
11,000
4,583
-
15,583

17 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2021 2020
£ £
Aggregate compensation 49,179 46,189

During the year, total donations of £286 (2020: £499) were made by the Trustees to the charity.

Also during the year the charity made payments for outgoing IT support services to Connect and Support, a company owned by the husband of Jess Buxton, a trustee of the charity. These totalled £1,640 (2020: £1,710). The transactions taken until 31 December 2020 (date of J Buxton resignation from trusteeship)

PROGRESS EDUCATIONAL TRUST

TRUSTEES' REPORT (including the Directors' Report) FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report and accounts for the year ended 31 March 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charitable company's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' (effective for accounting periods commencing from 1 January 2019.).

1. OBJECTIVES AND ACTIVITIES

The charity's objective is to advance the education of the public in general (and in particular among those concerned with genetic conditions and infertility) in the fields of human genetics, assisted conception and embryology, including their ethical and regulatory aspects.

The Trustees review the aims, objectives and activities of the charity each year. There is a rolling evaluation of its activities at both Trustees' and Advisory Committee meetings.

In carrying out their review, the Trustees have referred to the Charity Commission's general guidance on public benefit and, in particular, its supplementary public benefit guidance on the advancement of education. The Trustees judge how planned activities will contribute to the objects of the charity.

2. MISSION, STRATEGIES AND PUBLIC BENEFITS

The Progress Educational Trust (PET)'s vision is to improve choices for people affected by infertility or genetic conditions. PET's mission is to educate and to debate the responsible application of reproductive and genetic science.

PET has continued to realise its vision and pursue its mission through the publication of BioNews and through public events including an Annual Conference. BioNews, which is free of subscription charges, has a wide readership estimated to be in the region of 18,000.

PET engages with a wide range of age and interest groups and educates the public about the complex scientific, ethical, legal and social issues which arise from genetics, genomics, assisted conception and embryo/stem cell research. PET's public events are mostly free of charge, and are supported by donations, sponsorship or grant funding. Where a charge is made, for example at PET's Annual Conference, concessions are offered for students, pensioners and those on benefits. All of PET's public events are widely advertised, so as to attract a large and diverse audience.

PET collaborates with a wide range of organisations, in order to reach a more diverse audience and draw upon expertise. PET also works extensively with the media and other interested parties. The charity continues to be highly influential and is regarded as a leading source of information and expertise on genetics, genomics, assisted conception and embryo/stem cell research.

PET maintains strong links with both the UK Government and the Scottish Government. In March 2021, PET's Director (Sarah Norcross) gave a presentation to the UK Government's Department of Health and Social Care (specifically the Health Ethics, Population Health and Global and Public Health Group) on how to build relationships and work with key stakeholders.

Meanwhile, eight of the public events held by PET during this financial year were produced in partnership with the Scottish Government. One of these events featured Joe FitzPatrick – the Scottish Government's Minister for Public Health, Sport and Wellbeing – on its speaker panel.

Outside the UK, PET engages with diverse organisations and institutions including the World Health Organisation (WHO).

PET shares its expertise by working with and serving on committees including:

PROGRESS EDUCATIONAL TRUST

TRUSTEES' REPORT (including the Directors' Report)

FOR THE YEAR ENDED 31 MARCH 2021

During this financial year, PET's Director became a Trustee of the BFS and Chair of its Special Interest Group on Law, Policy and Ethics. PET's Director also continued her longstanding work with the BFS on its Fertility Education Initiative.

PET's Director and Deputy Director are members of this Oversight Group.

PET is represented by its Director in meetings of this Association.

PET also serves on the Advisory Boards of several research projects, including:

In addition to the professional bodies mentioned above, PET enjoys excellent relationships with other professional bodies in its area, such as the Association of Clinical and Reproductive Scientists and the British Infertility Counselling Association.

PET also continues to enjoy excellent relationships with patient support groups such as Antenatal Results and Choices, the Donor Conception Network, Fertility Network UK, Genetic Alliance UK, the Lily Foundation, the Multiple Births Foundation, the Turner Syndrome Support Society and Unique (the Rare Chromosome Disorder Support Group). PET's work remains vital to these and other organisations, which rely upon PET to keep up-to-date with the latest developments and to act as a hub for developing policy.

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3. ACHIEVEMENTS AND PERFORMANCE

Sustaining Excellence Award

PET continues to be funded by a Sustaining Excellence award from Wellcome. The aim of work funded by this award is to develop PET as the hub for information and discussion about fertility, genomics and embryo/stem cell research, from which to drive debate. As part of this work, PET has developed a three-year strategy which will underpin its activities during the next financial year.

PET's digital transformation work under the Award has been crucial to enabling staff to work remotely during the COVID-19 pandemic, and to enabling PET to move its events online. Data collection in relation to event attendance has been significantly improved and automated, and audience evaluation of events is now collected digitally as well, enabling attendance and evaluation data to be incorporated more efficiently into reports for funders.

The process of making online donations to PET has also been improved, and has been integrated into online events. Meanwhile, back-office improvements have included a new system for invoicing, and dashboards for measuring key performance indicators.

Work on the redevelopment of PET's online presence, and the combination of its charity and BioNews websites into a single redesigned website, continued during this financial year. PET's Deputy Director, Sandy Starr, liaised regularly with the web developers to ensure that the new website will meet PET's requirements. PET is very grateful for the continued pro bono work of its volunteer (and former Accenture partner) Steve Wylie, who has helped to coordinate PET's digital transformation throughout.

PET continued to employ Dr Catherine Hill as Head of Communications under its Sustaining Excellence award.

BioNews

Following the outbreak of the COVID-19 pandemic, BioNews published a large number of comment pieces and news stories relating to the virus and to vaccination. This helped to keep people informed about the latest developments in a fast-moving situation, enhancing the existing reputation of BioNews as a reliable source of science-based information.

Between 1 April 2020 and 31 March 2021, there were 524,927 visits to the BioNews website, a very similar level to the previous year. An average of 1.25 pages was visited per website visit, and visitors spent an average of 43 seconds on the site.

The geographic mix remains relatively unchanged from recent years:

The top 5 most read BioNews articles during this financial year were as follows:

PET monitors which article in the 'News' section of BioNews has been most read over the course of each month, notifying and congratulating the volunteer writer who was responsible for writing it.

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PET also trains postgraduate students in the art of science news writing through the BioNews Writing Scheme, which has continued to flourish as an online course. Life sciences and biomedical sciences PhD students participate each term, gaining practical news writing experience under the expert supervision of BioNews editors.

During 2020-2021, six students from University College London (UCL) successfully participated in the Writing Scheme. They all provided positive feedback, and went on to join the pool of volunteer BioNews writers. Feedback from these students included:

PET keeps in contact with those who have completed the scheme, monitoring and encouraging the development of their careers. Most of them go on to become regular contributors to BioNews, and many have also gone on to work for prominent organisations in PET's field.

Events

In order to continue holding events during this financial year, with public life constrained by the global COVID-19 pandemic and related restrictions, PET moved its events programme entirely online. This would not have been feasible without the digital transformation work carried out under PET's Sustaining Excellence Award.

PET held 16 public events during this financial year, more than in any previous year in the charity's history. Among other topics, these events confronted some of the key challenges that the global COVID-19 pandemic posed to fertility clinics and their patients – the adequacy of patient support, testing patients and staff for COVID-19, and clarifying whether it is safe and practical to receive a COVID vaccine while undergoing fertility treatment.

More than 3,000 people attended PET's online events during this financial year, almost a third of whom completed online evaluation forms. Of those who completed these forms, 98% rated the event they attended as excellent or good. The first two online events held by PET were unsponsored, but subsequently PET was able to secure a variety of partners and sponsors for the remaining events.

PET draws upon a large and diverse circle of contacts, when selecting speaker panels for its events. PET also seeks recommendations for speakers outside its orbit, in order to add further diversity and grow its circle of contacts. PET's established reputation means that its events benefit from the participation of speakers who are often well known and highly regarded.

A major benefit of PET moving its events online was an enormous increase in the global diversity of speakers and particularly attendees. During previous years, a small number of attendees travelled from overseas to attend PET events, but this was not practical or affordable for most. Similarly, PET has previously featured international speakers at its events, but could only do so when the necessary sponsorship was secured or when an event happened to coincide with a speaker's visit to the UK.

Online, by contrast, the only major impediment to speaking at or attending PET events from anywhere in the world is time differences (if the event occurs at an unsociable local hour). Despite the challenges posed by time differences, many PET events during this financial year featured international speakers, and every single event attracted attendees from beyond as well as within the UK.

In total, an unprecedented 52 countries were represented by attendees at PET events during this financial year – specifically Argentina, Australia, Austria, Bahrain, Belgium, Bolivia, Brazil, Bulgaria, Canada, China, Croatia, Cyprus, Denmark, Egypt, Estonia, Finland, France, Gambia, Germany, Greece, India, Iraq, Ireland, Israel, Italy, Japan, Jersey, Kenya, Malaysia, Mauritius, Mexico, the Netherlands, New Zealand, Nigeria, Norway, the Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Trinidad and Tobago, Turkey, Ukraine, the United Arab Emirates and the USA.

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Of the 16 public events held during this financial year, 15 were free to attend and were chaired by Sarah Norcross. Summaries of and articles about all 15 events were published in BioNews, and films of all 15 of these events were made freely available to watch on PET's YouTube channel, thereby reaching an even wider audience.

The 15 free-to-attend events were as follows.

Film: https://youtu.be/TQEJQi5GwLE

Film: https://youtu.be/rdVRvSP36Ug

Partners/sponsors: Scottish Government

Film: https://youtu.be/Pmbt53uDA0o

Speakers: Nina Barnsley, Natalie Gamble, Natasha Fox, Dr Petra Nordqvist, Dr Erika Tranfield

Partners/sponsors: University of Manchester, Morgan Centre for Research into Everyday Lives, UK Research and Innovation, European Sperm Bank

Film: https://youtu.be/MXOP191DEcg

Speakers: Kate Brian, Joanne Leitch, Professor Adèle Marston, Laura Riley

Film: https://youtu.be/___hwScHPIM

Date: 14 October 2020

Speakers: Professor Richard Anderson, Professor Christopher Barratt, Dr Vasanti Jadva, Professor Evelyn Telfer Partners/sponsors: Scottish Government

Film: https://youtu.be/51bs3C20elo

Date: 21 October 2020

Speakers: Professor Glenn Cohen, Dr Sarah Martins Da Silva, Dr Anna Smajdor, Dr Sarah Stock Partners/sponsors: Scottish Government

Film: https://youtu.be/LxY8xuhYJmM

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Speakers: Professor Jacky Boivin, Carmel Dennehy, Dr Zeynep Gurtin, Seetal Savla

Partners/sponsors: University College London, EGA Institute for Women's Health, CooperSurgical Film: https://youtu.be/wafhUWBPwPI

Date: 18 November 2020

Speakers: Gwenda Burns, Sally Cheshire, Joe FitzPatrick, Dr Abha Maheshwari, Colin Sinclair Partners/sponsors: Scottish Government

Film: https://youtu.be/fr-5zMkclHc

Speakers: Professor Adam Balen, Sharon Martin, Anna Shams Ili

Film: https://youtu.be/AURzEVyOFco

Film: https://youtu.be/xiZ2CDBmrQI

Speakers: Jason Kasraie, Dr Sigal Klipstein, Dr Anna Veiga

Partners/sponsors: Edwards and Steptoe Research Trust Fund, British Fertility Society, Bristol Fertility Clinic, CooperSurgical

Film: https://youtu.be/sxR2g1b4ge4

Partners/sponsors: Scottish Government

Film: https://youtu.be/DheVyJL-zm0

Speakers: Eileen Burbidge, Rachel Cutting, Dr Zeynep Gurtin, Professor Marcia Inhorn, Dr Lucy van de Wiel Partners/sponsors: British Fertility Society, CooperSurgical, London Egg Bank, University of Cambridge, Reproductive Sociology Research Group, Combined Academic Publishers, Reproduction and Fertility Film: https://youtu.be/ffMqnKTv-PE

Speakers: Professor Siladitya Bhattacharya, Dr Melanie Davies, Professor Jenny Kurinczuk, Professor Catherine Nelson-Piercy

Partners/sponsors: Scottish Government

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Film: https://youtu.be/9YMyG4SCloc

In addition to its 15 free-to-attend public events, PET also held its Annual Conference (for which there is an attendance fee) online for the first time, on 9 December 2020. The conference was entitled 'Fertility, Genomics and COVID-19', and explored different aspects of the COVID-19 pandemic with these four sessions.

Speakers: Sally Cheshire, Professor Julian Savulescu, Dr Jane Stewart

Chair: Dr Roger Highfield

The conference was sponsored by the Anne McLaren Memorial Trust Fund, the Edwards and Steptoe Research Trust Fund, the European Society of Human Reproduction and Embryology, Wellcome, the European Sperm Bank, Ferring Pharmaceuticals, the London Women's Clinic, Merck, Theramex, Vitrolife and the Institute of Medical Ethics.

PET received almost 1,000 completed evaluation forms from event attendees during this financial year. In summary:

Freeform comments from attendees included:

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Campaigning

PET's most prominent campaign during this financial year was its #ExtendTheLimit campaign, which seeks an extension to the length of time for which cryopreserved gametes and embryos can be legally stored within the UK.

Current storage limits pose a particular problem for women who freeze their eggs for non-medical reasons (socalled 'social' egg freezing), who can only store eggs legally for a maximum of 10 years. A woman who is not ready to use her frozen eggs when this 10-year limit elapses face a limited number of distressing (and – potentially – financially debilitating) options.

Meanwhile, other women delay freezing their eggs because of this legal situation, doing so after the optimal time and thereby potentially harming their future chances of successful fertility treatment.

During this financial year, PET's #ExtendTheLimit campaign received widespread coverage in the national print, broadcast and online media, with articles and broadcast items featuring PET's Director (Sarah Norcross) and also featuring the patient face of the campaign (PET volunteer Sharon Jones). Meanwhile, high-profile supporters of PET's campaign included the GP and TV presenter Dr Zoe Williams, and the science broadcaster Dr Emily Grossman.

In the short term, PET helped to secure a temporary two-year extension to the 10-year storage limit. This extension was granted by the UK Government in order to address the pandemic's disruption of fertility services (which for some time were mandatorily suspended), and also to address the pandemic's disruption of research involving gametes and embryos donated by patients (as this may also be affected by the 10-year limit).

Meanwhile, PET continued its broader campaign to secure a permanent extension to the 10-year limit. To this end, PET continued to collaborate with Baroness Ruth Deech (Crossbench Peer), who supported the #ExtendTheLimit campaign and was tireless in her attempts to bring the issue to the Government's attention in Parliament.

In May 2020, PET submitted a substantial response to a Government consultation on gamete and embryo storage limits, calling for a change in the law. In its response, PET set out 10 key principles that it believes should govern this area of law and policy. This list of principles was also disseminated in BioNews and more widely.

In addition to its #ExtendTheLimit campaign, which focused on egg freezing, PET also continued its longstanding campaign for more equitable public funding of fertility treatment and for an end to the IVF 'postcode lottery'.

Website and social media

In addition to its BioNews website and email newsletter, PET also maintains a separate charity website. Between 1 April 2020 and 31 March 2021, there were 32,505 visits to the PET website, an increase of 40% on the previous year. Under PET's Sustaining Excellence Award, this website and the BioNews website will in future be integrated into a single redesigned website.

PET and BioNews also continued to have a strong, and growing, presence on the social media platforms Twitter, Facebook, Instagram, LinkedIn and YouTube. Followers increased as follows:

There was also a 54% increase in PET's YouTube views.

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4. FINANCIAL REVIEW

Overview

The net income for the year amounted to £28,711 (2020: £12,302).

Total income was £239,650 (2020: £227,864) which is an increase of 5% in comparison with the previous financial year. This is due to increase in donation and charitable activities income. Of the total income £213,272 (2020: £206,560) was generated from charitable activities as detailed in note 4 and this accounted for 89% (2020: 91%) of total income. The rest of total income was generated mainly from donations and these totalled £25,644 (2020: £20,735).

Total expenditure, including support costs, amounted to £210,939 (2020: £215,562) which is a decrease of 2% compared with the previous financial year. The main expenditure item continued to be staff costs which at £157,137 (2020: £153,857) accounted for 74% (2020: 71%) of total expenditure.

Net assets at the Balance Sheet date were £279,929 (2020: £251,218) and all funds held were unrestricted.

Future financial viability of the charity is dependent on the continued financial support of grant funding bodies, clients for PET's writing and training work, sponsors of their events, advertisers and private donors.

Future viability will also depend upon PET's many greatly valued Friends, Volunteers and Advisers, without whose support the charity could not survive.

Reserves policy

PET holds reserve for a number of purposes which include:

This policy is reviewed by the Trustees on an annual basis

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and have developed a risk management strategy which involves the following:

Holding reserves of £280K which is above the reserves policy has allowed the Trustees to invest in resources to develop new areas of activities, especially to secure future funding as the Wellcome Grant comes to its natural end, without risking our ongoing activities. This has been modelled thought the projections for the next few years hoping to develop positive income flows.

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5. FUTURE DEVELOPMENTS

The global COVID-19 pandemic, and its far-reaching impact on healthcare and the economy, have affected PET and will undoubtedly continue to do so (though hopefully to a lesser extent) during the next financial year.

PET will continue to hold its Trustee meetings online, and hold these meetings more regularly if the situation demands. PET also intends to continue holding its events online for the foreseeable future.

Through the Sustaining Excellence Award from Wellcome, PET has developed a new three-year strategy has the following principal objectives

These will shape PET's work in the years to come.

PET will build on its digital transformation during the next financial year. This work will enable PET to engage with its audience in a more effective way, and will provide staff and Trustees with invaluable data to help continue developing PET's services and growing PET's audiences. This should also lead to more efficient working.

It is anticipated that PET's new website will be launched in the next financial year.

6. STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is a company limited by guarantee, incorporated on 13 October 2010, its predecessor charity of the same name having been originally established in May 1992 as an unincorporated charitable trust.

The charitable company is governed by its memorandum and articles of association and is managed by a board of Trustees who are the directors of the company and are appointed in accordance with the articles of association. The Trustees can appoint additional Trustees by invitation.

The articles of association state there must be a minimum number of Trustees in office of three and there is no maximum number.

The Trustees, who are directors of the company for the purposes of company law, and who served during the year and/or during the period the report was prepared up to the point of signing were:

None of the Trustees has any beneficial interest in the company.

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All Trustees are members of the company and guarantee to contribute the sum of £10 each in the event of a winding up.

All Trustees give freely of their time and no remuneration or benefits are paid to them.

All Trustees are kept up-to-date with ongoing developments in charity law and practice with appropriate training courses being considered if appropriate. It is the policy of the Trustees to provide new Trustees with all relevant information appertaining to the charity and its affairs upon induction in order that they can obtain a sufficient level of knowledge to enable them to perform their roles effectively.

The Trustees met five times during the year to provide additional support to the staff and to maintain extra vigilance on the charity during the pandemic. All the meetings have been held online. The decisions of the Trustees are recorded by written minutes. The Trustees refer to the Advisory Committee set up to assist them on matters relating to the activities of the charity.

The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to those risks.

Management

The day-to-day management of the Progress Educational Trust (PET) is the responsibility of Sarah Norcross and her team.

Advisory Committee

The Advisory Committee has a depth of skills and experience in genetics, embryology, assisted conception, stem cell research, clinical practice, media, education, information technology, marketing, business, commercial practices, law, medical ethics and charity management.

Peter Taylor (Trustee) now chairs this committee. The Committee met twice this year.

Patrons

The charity's Patron is Professor Marcus Pembrey, who is one of the founders of PET and was also a member of the charity's precursor organisation, the Progress Campaign for Research into Human Reproduction. He is Emeritus Professor of Paediatric Genetics at University College London's Institute of Child Health, and served as PET's Chair of Trustees for more than 20 years.

Staff

During the period the charity had six employees, filling two full-time and five part-time positions.

Sarah Norcross (Director) manages the day-to-day operations of the charity, supported by Sandy Starr (Deputy Director).

Jennifer Willows continued in her roles as both Projects Officer and BioNews Legal Editor, and Dr Catherine Hill continued as Head of Communications.

Dr Joanne Delange continued as BioNews Genetics Editor. Dr Marieke Bigg stepped down as BioNews Science Editor, and Hannah Flynn was appointed to replace her.

Volunteers

PET is extremely grateful for the help of highly motivated and professional volunteers. Volunteer opportunities in the PET office and at face-to-face events were unfortunately precluded by the COVID-19 pandemic, but this financial year saw many new volunteer applications received from people wishing to write for BioNews.

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In June 2020, PET used the annual occasion of Volunteers' Week to publicly thank its volunteers, and to publish a series of short videos across its social media channels in which longstanding PET volunteer Daniel Malynn discussed different aspects of his experience.

In the same month, Sarah Norcross gave an interview to the Ahmadiyya Muslim radio station Voice of Islam, in which she discussed the importance of volunteers and the value that volunteers can bring to charities. This too was adapted into a series of short videos published across PET's social media channels,

PET is an equal opportunity organisation, and is committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability.

7. AUDITORS

Gerald Edelman LLP are the appointed auditors to the company, a resolution proposing that they be re-appointed will be put to the members.

8. STATEMENT OF DISCLOSURE TO THE AUDITORS

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

02/12/2021 The Trustees' report was approved by the Board of Trustees on …………………. and signed on its behalf by:

..........................................

Robin Lovell-Badge

Trustee